UPDATE 2-UAE's Daman Investments eyes IPO for regional push
* Investment firm eyes 30 pct flotation by 2012
* Raises $27 mln from investor, wants further $54 mln in 2009
* Middle East has about 152 IPOs in pipeline
(Adds details, management quotes)
By Nicolas Parasie
DUBAI, Nov 3 (Reuters) - UAE's Daman Investments is looking to sell shares to the public by 2012 to strengthen its financial position, it said on Tuesday, as it looks to tap opportunities in the world's largest oil exporting region.
Daman Investments, which is active in asset management, brokerage and venture capital, intends to float around 30 percent of its capital with the IPO and seeks a listing on either the Dubai or Abu Dhabi exchange.
The IPO's proceeds will be used to finance brokerage activities, to fund the company's commitments and to boost its warchest for possible acquisitions, Chief Executive Shebab Gargash told Reuters.
"We are convinced opportunities will arise in the wake of the financial crisis," Gargash told reporters. Continued...
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